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Financial leasing

Estimated Time:

• Contract documentation :One Hour

• Contract Execution: Three and a half hours

Location:

Competent Registration Directorate depending on the location of the property.

Estimated Fee:

· Contract documentation: No fees.
· Contract Execution: Two stamps per thousand of the registration value and the prices of models.

Conditions for obtaining service

• Personal attendance of the concerned individual, his delegate or his commissioner

• The lease contract shall contain the following data:

 A description of the rented property in a manner that distinguishes it from all others, specifying the party that chose this property, and specifying the rental allowance, the number of payments, the dates of payment, and the duration of the leasing contract.

• In the case that the financing lease has been transferred (from one finance Tenant to another) or that is been abolished, it must be ascertained that the lessor has not benefited from any exemptions granted to the tenant (if he has been granted any exemptions).

• If the lessor has previously obtained any of the exemptions granted to the first tenant, the lessor is obliged by law to refund all fees and taxes that he's been exempted from.

Notes

• Lease contract: The financial leasing contract which is organized and concluded in accordance with the provisions of the law.

• Rented Property: Any movable or immovable property from which the benefit of is obtained through repeated use, while keeping it. It does not include money, trade bills or securities.

Partner institutions:

-Banks and financial leasing companies.

Procedures

Documenting the mortgage contract:

1. The concerned individual or his delegate shall submit the mortgage to the receptionist who in turn checks the transaction papers in principle and ensures that there are four copies of the contract.

2. Refer to the registration director or his delegate to study the contracts and ensure that the contract includes the following data: (A description of the rented property in a manner that distinguishes it from all others, specifying the party that chose this property, and specifying the rental allowance, the number of payments, the dates of payment, and the duration of the leasing contract.

3. Refer to the registration department to do the following:

• Register the contract to the register specified for mortgage applications.

• Give a serial number and list it onto all copies.

• Fixate the document on the real estate paper and all leases.

• Organize the schedule of events.

4. Refer to the employee of the Bureau to do the following:

• Seal all contracts with the official stamp.

• Deliver two copies to the lessor and tenant.

• Reserve one copy in the concerned registration directorate.

• Send the fourth copy and the event schedule to the directory's center.

Execution of the mortgage

1. The concerned individual ,the company's Delegate or the bank, shall submit to the concerned registration directorate a request to proceed with the application for the ownership of the mortgage (sale request) stamped by the regulatory bodies ,to the receptionist to verify all the documents and place them in a real estate file.

2. Refer to the bureau department to register the transaction.

3. Refer to the registration directorate for auditing and organizing the list of quotas and fees.

4. Refer to the valuator to calculate the fees and issue the collection warrant

5. Refer to the cash and pay the fees.

6. Refer to the listener of the acknowledgment to hear the acknowledgment.

7. The transaction is transferred to the registration department for the following:

• Audit the transaction and record it on the register of the mortgage contract

• Organizing a statement of change of shares and removing the lessor's name and registering them in the name of the tenant and applying that to the real estate newspaper

• Break the rent.

8. Receiving the registration bond.

Required Documents

•Required Documents
1.Personal attendance of the concerned individual, his delegate or his commissioner.
2.The lease contract shall contain the following data: A description of the rented property in a manner that distinguishes it from all others, specifying the party that chose this property, and specifying the rental allowance, the number of payments, the dates of payment, and the duration of the leasing contract.
3.In the case that the financial lease has been transferred (from one financing Tenant to another) or that is been abolished, it must be ascertained that the lessor has not benefited from any exemptions granted to the tenant (if he has been granted any exemptions).
4.If the lessor has previously obtained any of the exemptions granted to the first tenant, the lessor is obliged by law to refund all fees and taxes that he's been exempted from.